Regulatory power over accountants remains with institutes

The government has made clear that regulating the accountancy profession will remain the preserve of the professional bodies and the Financial Reporting Council (FRC), and will not be subject to statutory legislation in its outline of how it intends to implement the EU Audit Directive and Regulation

The plans were outlined in a written parliamentary statement on audit and audit regulation issued by Baroness Neville-Rolfe, parliamentary under secretary of state at the Department for Business, Innovation and Skills (BIS) on 20 July

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